Goodwill is recognized in partnership when
The business makes a huge profit
The business has adequate bank balance
A partner is dormant
A new partner is admitted
Correct answer is B
No explanation has been provided for this answer.
N99,000
N64,000
N35,000
N34,000
Correct answer is C
Cash balance = cash sales - expenses
99,000 - (30,000 + 5,000 + 11,000 + 18,000)
99,000 - 64,000 = 35,000
N99,000
N64,000
N50,000
N35,000
Correct answer is A
Cash receipts = 50,000 + 49,000 = 99,000
The concept which seeks to prevent profits from being overstated is
Materiality
Consistency
Prudence
Periodicity
Correct answer is C
No explanation has been provided for this answer.
Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit
Bank Account; credit Suleman's Account
Bank Account, credit Debtors Account
Suleman's Account; credit Bank Account
Suleman's Account; credit Cash Account
Correct answer is C
No explanation has been provided for this answer.